The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, said that “the Libyan state now cannot contribute any additional quantities of crude oil or natural gas because we do not have reserves ready to produce it today so that it is pumped to global markets.”
Aoun added in televised statements that he does not believe that Libya will be able to help and resolve the European crisis resulting from the Russian-Ukrainian war, noting that we need at least five years to be able to contribute to pumping additional quantities of oil and gas.
He explained that the development of oil and gas discoveries needs a time ranging from three to five years to produce from the discovered fields, citing that there are marine vessels in partnership with Italy that are under development now, but they will not start production before at least two years.
Aoun, the Oil Minister indicated that if the Russian-Ukrainian war is prolonged, oil prices may rise to 150 dollars a barrel, adding that he believes that intervention will be made to balance supply and demand, and the price of a barrel of oil will not be allowed to reach imaginary prices.